Resilient retail businesses
Small businesses can outlast pandemics
Retail
Small businesses can outlast pandemics
Brick and mortar retail businesses were struggling before the pandemic. E-commerce, social media, online advertising, drop shiping were responsible. Local communities do not want the brick and mortar shops to shut down.
Kristen LaFrance heads Resilient Retail at Shopify. She suggested that resilient smart businesses could outlast big businesses with just one thing. It is deep customer knowledge. Unlike resistant businesses, which chose to wait out the pandemic, resilient businesses pivoted to online. Their customers’ behaviour changed due to the COVID. Businesses such as fresh beer breweries are allowing customers to pick up beers or get it delivered online.
She said in ‘Customer Show’ podcast: They’re adapting to the situations around them that are changing. They’re taking the, you know, the core of their brand and saying, okay, which part of this can I shift to this new normal? And how can I become something different to match the expectations of my customers to meet them where they are to match the moment of this year.
Online will integrate with the brick and mortar retail. The pandemic will see the end of digital retail as we know it. More small businesses will embrace D2C ( Direct to customers) as their customers expect them to. Also, logistics are available like never before.
Worth your time: Resilient Businesses Link